UPDATE: Piper Jaffray Starts Legg Mason (LM) at Overweight

Piper Jaffray initiated coverage on Legg Mason (NYSE: LM) with an Overweight rating and a price target of $65.00.

Analyst Jason Weyeneth commented, "We believe LM is well positioned for continued fundamental improvement given a record institutional pipeline driven by strong performance across much of the platform and much improved consultant ratings, a strong global distribution platform to drive retail flows, and improving margins (despite ongoing headwinds from affiliate structure). Also, sizable tax assets should help drive capital management. PT of $65."

For an analyst ratings summary and ratings history on Legg Mason click here. For more ratings news on Legg Mason click here.

Shares of Legg Mason closed at $53.53 yesterday.

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